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Popular Word Problems >

You deposit 3000 in an account earning 6% interest compounded monthly. How much will you have in the account in 10 years?

Solution

Y o u d e p os i t 3000 in an a cco u n t e a r nin g 6% in t eres t co m p o u n d e d m o n t h l y . Ho w m u c h w i ll yo u ha v e in t h e a cco u n t in 10 ye a rs ?

Solution

Amount : 5458.19

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.06}{12})^{12 \cdot 10}

3000 (1 + \frac{0.06}{12})^{12 \cdot 10} = 5458.19020 \dots

Round to the nearest hundredth:

5458.19

Amount : 5458.19

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